Private Sector Drives NPS Growth and Economic Activity

The National Pension System (NPS) witnessed a robust 40.1% year-on-year growth, reaching ₹2.47-lakh crore by June 29, fueled largely by buoyant equity markets and expanding private sector subscriptions. Overall NPS assets, including Atal Pension Yojana (APY), approached ₹12.5-lakh crore, marking a 28.64% increase, as per PFRDA data.

Private Sector Activity Rebounds, Manufacturing Leads

In June, private sector activity rebounded to 60.9, up from May’s five-month low of 60.5, driven by accelerated manufacturing activity (58.5 from 57.5). New orders grew significantly, prompting the fastest employment growth in 18 years across both manufacturing and services sectors. Despite some easing in export orders, domestic demand remained robust, contributing to overall sectoral growth.

Economic Outlook and Inflation Trends

The Indian economy is poised for stronger performance in FY25, with Fitch Ratings revising growth forecasts upward to 7.2%. Despite a dip in business confidence to a three-month low, firms expect marketing efforts and sustained demand momentum to bolster economic recovery. Input inflation moderated in June, although manufacturers managed to increase selling prices, suggesting resilience in passing on higher costs to consumers.

Piyush Shukla

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